"Know Your Customer" principle

Not only to provide better services, but also for security reasons

Just like other banks, we must comply with legal requirements and follow the principle Know Your Customer (KYC) in our operations. For this reason, we ask our customers to provide us with certain information:

  • we ask questions about contact details, citizenship, place of residence, area of activity, etc.
  • we periodically send requests to provide or update information;
  • if necessary, we ask for additional details about a specific transaction (for instance, about the origin of funds credited to the customer’s account).

My data

Please log in to view you data. If you don’t use the Internet Bank or you can’t log in at the moment, you can send the data we need in a PDF form signed with your ID card to info@swedbank.ee

If your details have changed please update them in our database as soon as possible. This means that we can always contact you quickly whenever necessary

Good to know

  • Why do banks ask their customers to provide information about them?

    Relationship between a bank and its customers is based on mutual trust. We care about our customers’ trust; we, therefore, periodically publicly announce our financial results and other performance reports. Accordingly, we ask our customers to provide certain information about them as well.

    Provision of information is important for several reasons. First, banks must comply with very strict legal requirements which oblige them to implement the ”Know Your Customer (KYC)” principle. Implementation of this principle is related to application of international measures aimed at prevention of money laundering and terrorism financing. Banks must ensure that their infrastructure is not abused by malicious entities or by persons who pose threat to others.

    Another important reason is that banks care about their customers’ security and the security of their accounts. With up-to-date details available, we can ensure safety of accounts more easily, prevent illegal actions by fraudsters, stop suspicious transactions and thereby protect our customers from financial losses.

  • Do these requirements apply to other banks as well?

    Yes, local and international legislation imposes an obligation on banks in other countries to apply the “Know Your Customer” principle.
  • Which institutions are authorised to receive the details I provide?

    All of the data you provide us is protected by strict security and confidentiality rules.

    We disclose customer data to third persons only if we have received the customer’s written consent or if the disclosure of data is required of us pursuant to law (e.g. a notary, the police, the State Revenue Service and Customs Board).

    Information is not collected with the purpose to immediately forward it to other institutions. Information you provide is stored responsibly. In certain cases, when this is necessary, authorised institutions (law enforcement, security provision, etc.) are entitled to address banks and request the provision of information about a customer. In such case, the bank, in accordance with laws, will be obliged to provide such information.

  • How do you ensure that my data is in safety?

    • Banks have a duty to guarantee secrecy of customer’s identity, accounts, deposits and transactions
    • Information regarding a customer and their transactions acquired by the bank through provision of financial services under the relevant contract is non-disclosable information
    • The bank may disclose such information only to customers themselves or to their representatives except in cases laid down in the Law on Credit Institutions – to government authorities and other persons, as set forth by this law
  • What could happen if I refuse to submit the declaration/questionnaire?

    If the bank is not provided with the necessary information, in certain cases, the bank will no longer be able to provide its services to such a customer. This may mean restrictions in using one’s account, card, online banking. Money in your account will not disappear, however, you will have access to banking services only after you provide the required information.
  • Who are “politically exposed persons”?

    Banks are required to identify politically exposed persons whose role in society calls for heightened attention. Family members and close associates of a person with public authority are also considered to be politically exposed persons. More about politically exposed persons
  • What is tax information exchange?

    The CRS (Common Reporting Standard) and FATCA (Foreign Account Tax Compliance Act) require us to ask from all of our clients about their tax residency and share information with the Tax and Customs Board if our client is a foreign tax resident. This is primarily designed to prevent tax evasion. Information exchange concerns natural persons and legal entities alike.

    FATCA
    CRS
    • Applicable mainly to the Member States of the EU and OECD.
    • We must identify tax residents from the respective countries.
    • The Tax and Customs Board shares the information with the Tax Board of the respective country.

    More about CRS:

    Website of the Ministry of Finance

    Website of the OECD

  • What languages can be used to fill in the declaration/questionnaire?

    Estonian, English or Russian.
  • Which legislation regulates the KYC principle, incl. data processing routines?

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